WASHINGTON: The United States will not ask U.S. domestic oil companies for a coordinated cut in production to counter a historic meltdown in global prices and is still awaiting the details of planned cuts in Saudi Arabia and Russia, a senior administration official told Reuters on Thursday. Earlier, President Donald Trump said in a tweet that he expected Saudi Arabia and Russia to cut approximately 10 million barrels from daily production in a newly reached deal, a comment that sparked a jump in oil prices following weeks of steep declines that have threatened U.S. drillers. The official said details of planned reductions remained unclear, but a big cut was expected. Trump was set to meet with leaders of U.S. oil companies on Friday to discuss the state of the oil market. But he will not ask them to agree on a coordinated drop in supplies, said the official, who spoke on condition of anonymity. The official said the United States cannot orchestrate a mandated cut in domestic production and noted that U.S. companies had already cut production in response to a collapse in market demand. They did not have to be asked to cut, the official said. Both Moscow and… Read full this story
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